Brown Lake is a 7.2 MW facility commissioned in 1996 and located on
Crown land near Prince Rupert in the North Coast region of the
province. It has an average annual production of 51,800 MWh, all of
which is sold to BC Hydro under a 20-year power purchase agreement that
expires in 2016. The Corporation also announced its intention to double
the plant's installed capacity to 14.4 MW and increase expected average
annual production by 27,000 MWh, for an additional investment of
approximately $20.0 million. Innergex President and Chief Executive
Officer Michel Letellier adds that "we look forward to undertaking the
expansion of the Brown Lake facility in consultation with the local and
First Nation communities".

Miller Creek is a 33 MW facility commissioned in 2003 and located on
Crown land near Pemberton, in the Lower Mainland region of the
province, in close proximity to several other of the Corporation's
hydroelectric facilities. It has an average annual production of
97,900 MWh, all of which is sold to BC Hydro under a 20-year power
purchase agreement that expires in 2023, with BC Hydro holding two
consecutive five-year renewal options. The Corporation also announced
that it plans to undertake an $8.5 million capital expenditure program
to upgrade the penstock and water intake, which should increase the
plant's expected average annual production by 4,895 MWh and reduce
operating costs. However, this capital expenditure program, which was
initially expected to occur in the fall of 2012, has been postponed to
the fall of 2013, given the longer-than-expected closing process and
seasonal constraints.

The final purchase price of $68.6 million and associated transaction
costs of this acquisition were financed by a combination of drawdowns
on the Corporation's revolving term credit facility and a portion of
the proceeds from a private placement of common shares completed in
July 2012 (see the press release dated July 26, 2012).

Forward-Looking Information Disclaimer

This press release contains forward-looking information within the
meaning of securities legislation. All information and statements other
than statements of historical facts contained in this press release are
forward-looking information. Such statements and information may be
identified by looking for words such as "about", "approximately",
"may", "believes", "expects", "will", "intend", "should", "plan",
"predict", "potential", "project", "anticipate", "estimate", "continue"
or similar words or the negative thereof or other comparable
terminology. Such forward-looking information includes, without
limitation, statements with respect to the benefits which may accrue to
Innergex and its shareholders as a result of the acquisition, power
generation, growth prospects, power purchase agreement renewal,
business strategy and plans and objectives of or involving Innergex.

The forward-looking information includes forward-looking financial
information or financial outlook, such as future investments, to inform
investors of the potential financial impact of the acquisition on the
Corporation's results. Such information may not be appropriate for
other purposes.

The forward-looking information is based on certain key expectations and
assumptions made by Innergex as of the date of this press release,
including expectations and assumptions concerning the availability of
capital resources and performance of operating facilities, estimates,
forecasts and opinions of the Corporation. Although Innergex believes that the expectations and assumptions on
which such forward-looking information is based are reasonable, undue
reliance should not be placed on the forward-looking information since
no assurance can be given that they will prove to be correct. Actual
results could differ materially from those currently anticipated due to
a number of factors and risks. These include, but are not limited to,
potential undisclosed liabilities associated with the acquisition,
failure to realize the benefits of the acquisition (including cost
synergies and operational efficiencies), energy generation, mid-C spot
price fluctuations, power purchase agreement renewal, possibility to
secure the proposed expansions of the facilities, equipment failure,
performance of third-party suppliers and other risks generally
attributable to the business of Innergex. For additional information
with respect to risks and uncertainties, refer to the Annual
Information Form of Innergex filed on SEDAR's website at www.sedar.com. The forward-looking information contained herein is made as of the
date of this press release and the Corporation does not undertake any
obligation to update or revise any forward-looking information, whether
as a result of events or circumstances occurring after the date hereof,
unless required by legislation.

About Innergex Renewable Energy Inc.

Innergex Renewable Energy Inc. (TSX: INE) is a leading Canadian
independent renewable power producer. Active since 1990, the Company
develops, owns, and operates run-of-river hydroelectric facilities,
wind farms, and solar photovoltaic farms and carries out its operations
in Quebec, Ontario, British Columbia, and Idaho, USA. Its portfolio of
assets currently consists of: (i) interests in 28 operating facilities
with an aggregate net installed capacity of 534 MW (gross 920 MW),
including 22 hydroelectric operating facilities, five wind farms, and
one solar photovoltaic farm; (ii) interests in 9 projects under
development or under construction with an aggregate net installed
capacity of 231 MW (gross 374 MW), for which power purchase agreements
have been secured; and (iii) prospective projects with an aggregate net
capacity totaling 2,904 MW (gross 3,127 MW). Innergex Renewable Energy
Inc. is rated BBB- by S&P and BBB (low) by DBRS.

The Corporation's strategy for building shareholder value is to develop
or acquire high-quality facilities generating sustainable cash flows
and providing a high return on invested capital, and to distribute a
stable dividend.